In a major development for India’s fast-growing direct-to-consumer (D2C) jewellery market, Palmonas is poised to raise ₹200 crore (around $22 million) in its Series B funding round. Led by mid-market private equity firm XPONENTIA Capital, with continued support from existing backer Vertex Ventures, this round is coming at a substantial valuation premium nearly four times what the company was valued at in its previous financing. The move underscores investor confidence in Palmonas’s rapid growth and profitability, making it one of the standout D2C success stories of 2026.

 

Author : Aashiya Jain | EQmint | Market News

 

Introduction: A Jewel in the Making

Palmonas isn’t your typical jewellery brand. Launched in 2022 from Pune by founders Pallavi Mohadikar and Dr. Amol Patwari, the company set out to redefine “everyday luxury” with demi-fine jewellery made primarily from surgical-grade stainless steel coated in 18K gold vermeil. The idea was simple yet impactful: offer beautifully designed pieces that feel luxurious without the exorbitant price tag of fine jewellery.

 

What began as a niche online store quickly evolved into a thriving omnichannel brand. Along the way, Bollywood actress Shraddha Kapoor joined as co-founder, bringing both visibility and cultural momentum to the venture. Over a few short years, Palmonas has grown from a small start-up to a strong contender in India’s competitive jewellery space, attracting both consumer attention and serious investor interest.

 

The Big Funding Round: Numbers and Nuance

Palmonas is raising ₹200 crore in Series B funding and that news is spreading fast through India’s startup world. According to documents reviewed by Entrackr the board approved issuing 815 Series B CCPS at ₹13,59,434 each to raise ₹110 crore upfront with another ₹90 crore coming soon through a separate filing. What stands out here is the valuation jump. Post-money the company’s expected to be worth around ₹1,950 crore which is about $217 million.

 

That’s roughly 3.8 times its previous valuation. Xponentia Capital will own about 10.68 % while Vertex Ventures keeps a 14.25 % stake. The three co-founders Pallavi Amol and Shraddha together hold around 65 %. This kind of valuation growth doesn’t happen often especially for a lifestyle or fashion D2C brand. And it’s happening in a funding environment that’s been pretty cautious lately.

 

Traction That Speaks Volumes

Part of why investors are so keen lies in Palmonas’s performance. In the fiscal year ending March 2025, the company’s operating revenue leapt from ₹97 lakh in FY24 to ₹39 crorema staggering more than 40-fold increase. Even more compelling, the brand achieved profitability for the same period, posting a profit of ₹4.3 crore. In an era where many VC-backed startups chase growth at the expense of profits, Palmonas’s performance stands out.

 

The brand’s funding journey has also been impressive. After an angel round, Palmonas secured ₹1.26 crore on Shark Tank India Season 4 from investors Namita Thapar and Ritesh Agarwal an early validation that helped elevate its profile nationally. Soon after, a ₹55 crore Series A investment led by Vertex Ventures gave the company the scale to expand further.

 

Plans for the Future

Palmonas is gearing up for major growth. Fresh capital is coming in. And they’re ready to move fast on multiple fronts. Details are still coming together. But industry insiders say the focus will be on expanding their reach – going beyond online and opening physical stores in big Indian cities. That’s a big shift. Product innovation is also on the table. Especially in popular categories like 9-carat gold and lab-grown diamond jewellery. This move fits right into what’s happening in the D2C world.

 

Brands that mix digital with in-person experiences tend to build stronger customer loyalty. And they often see higher lifetime value. With competition heating up from names like GIVA, BlueStone, and Firefly Diamonds, Palmonas is trying to stay ahead. They’re doing it through design, community, and smart use of capital. Anyway, the goal is clear. Grow fast. Stay relevant.And make sure they’re not just another online only brand. Physical presence matters more than ever.

 

More Than Numbers: A Brand With a Story

Beyond the financials, what makes Palmonas an exciting story is its journey from a small startup to a scalable brand capturing consumer imagination. The involvement of a high profile co-founder in Shraddha Kapoor added both star power and serious marketing muscle, helping bring Palmonas into mainstream conversations about fashion, lifestyle, and accessible luxury in India.

 

While no venture is without its challenges and some customers have raised concerns about service experiences online the broader narrative for Palmonas is one of rapid growth, strong market validation, and intelligent capital leverage.

 

Final Thoughts

Palmonas’s upcoming ₹200 crore Series B funding round isn’t just a big number. It’s a signal. Investors are willing to back brands that combine strong unit economics, cultural relevance, and a clear path to scale. For India’s D2C ecosystem, it’s another sign that nimble, consumer-first companies can win large slices of the market when they get the product, the team, and the timing right.

 

As Palmonas writes its next chapter, all eyes will be on whether it can translate capital into lasting consumer loyalty and business resilience. Investors certainly seem to believe it can.

 

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Disclaimer:  This article is not an investment advice and is for educational purpose only